Shares close flat on cautious sentiment
Print Edition
Shanghai shares ended flat yesterday as a cautious sentiment lingered in the market ahead of a key policy meeting at the weekend, with investors ignoring favorable data that showed China’s non-manufacturing sector expanded faster in October.
The Shanghai Composite Index closed at 2,149.63 points.
Market watchers said investors turned cautious ahead of the Third Plenum of the CPC Central Committee starting on Saturday amid worries that high hopes on reforms may turn out to be a disappointment.
Talk about a resumption in initial public offerings also weighed on the market.
Cheng Boming, general manager at CITIC Securities, said the regulator may unfreeze the IPO market after this weekend’s policy meeting.
New share offerings on the Chinese mainland have been halted for a year. As of October 31, 754 firms were waiting for approval from the China Securities Regulatory Commission to launch IPOs on the Shanghai and Shenzhen bourses.
These concerns offset the rise in the non-manufacturing Purchasing Managers’ Index to 56.3 in October, the highest in 12 months, from 55.4 in September, the National Bureau of Statistics and the China Federation of Logistics and Purchasing said over the weekend.
Most property developers fell after the Shenzhen government on Friday raised the minimum down payment to 70 percent from 60 percent now for second-home buyers to curb housing prices.
Poly Real Estate Group Co lost 1.2 percent to 9.58 yuan (US$1.57).
Environmental protection companies gained on hopes China’s anti-pollution drive will boost their demand. Beijing Capital Co, a wastewater disposal firm, rose 2.5 percent to 7.25 yuan. Tianjin Capital Environmental Protection Group Co gained 2.9 percent to settle at 8.89 yuan.
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